Ethereum Bounces Above $3,600 As Selling Pressure Drops, Litecoin Could See Huge Rally As LTC/BTC Tightens

After weeks of downward trend, Ethereum is starting to exhibit robust bullish momentum, with the selling pressure subsiding. ETH is up over 6 percent in the past 24 hours to regain over the $3,600 support level, which may indicate a larger upward move.

Litecoin appears to be among the altcoins that will have a significant breakout rally as the market turns around. The LTC/BTC has shot up and this indicates a big influx of funds and a possible upswing. LTC has crossed $100, and CryptoBoss predicts it could replicate Zcash’s parabolic rally.

Ethereum Recovers Above $3,600, Analysts Predict Bigger Rally

Since dropping as low as $3,050 last week, the Ethereum price has been recovering strongly. Over the last 24 hours, the value of Ethereum has increased by more than 6%, briefly recovering above the $3,600 support level.

$ETH is trading at around the $3600 mark. If a clear close above this level on the 1D chart happens, it will confirm that a change of trend has happened. The Ethereum price recovery comes as the selling pressure from October cools off this week. 

The Glassnode data shows that the huge selling pressure that peaked in October has gradually eased. In an analysis of the current market performance of ETH, the popular crypto analyst and trader, Cas Abbé, has opined that the drop to the $3,000 level looks like a fakeout.

The analyst explained that a similar trend played out in Q2, which was followed by the Ethereum price rallying by more than 100%. If the same trend repeats, we could see the Ethereum price rally to a new all-time high above $7,000 before the end of the year. 

Litecoin Recovers $100, LTC/BTC Chart Paints a More Bullish Picture

In the crypto market rally, Litecoin has been one of the biggest gainers. On the weekly timeframe, the price of Litecoin has increased by more than 16% and now trades above the critical $100 support level. 

The rally follows a breakout on the LTC/BTC chart. CryptoWzrd, a crypto analyst, provided a technical view that indicated the high bullish performance of Litcoin. As the analyst sees it, the concerted action of both the LTC/USD and LTC/BTC pairs is a sign of new purchasing attention.

He continues to say that a bullish momentum is forming in the short term and the Litecoin price might start to increase shortly. A different analyst, the CryptoBoss, is a more bullish trader, pointing out the effects of the Litecoin and Zcash price charts.

In the past 2 months, the ZEC price has gone up by over 1,300 percent. By implying that Litecoin has been following the Zcash performance over the years, the analyst suggests that, when Litecoin breaks out of the consolidation period it is in, the price would soar above $600.

In Summary

Ethereum and Litecoin are recovering strongly after weeks of downtrend. With their predictions based on strong technical outlooks, analysts believe that they could continue their gains, with ETH rising over $7,000 and LTC hitting $600.